February 11, 2022
News
It is estimated that 82.5% of smallholder farmers in Zambia own at least one type of livestock. But despite this large percentage, it is still not easy for local people living in the rural parts of the country to own livestock because they cannot afford it. Thanks to Caritas Czech Republic in Zambia and the World Food Programme for introducing the savings group initiative, Miyombo Miyombo is now a proud owner of two cows.
Miyombo has been a member of savings groups for 3 years
Miyombo Miyombo, a 38-year-old man of Namatenge Village in Nakato agriculture camp, is a member of two savings groups called “Belekela Kamuso” and “Tukongote” created under the Saving for Change programme.
He joined both groups in 2018 and has never regretted his decision because his life has become much better.
The aim of the savings groups is to promote financial education and teach people from rural communities in Zambia how to save and invest their money the right way.
How joining a Savings Group has helped Miyombo
Mr Miyombo in front of his maize field in Namatenge village
Village banking is considered one of the most reliable ways of saving money in rural areas. With the help of the World Food Programme, Caritas Czech Republic has been encouraging people in rural areas to take a keen interest in this financial inclusion activity as it brings the ‘banking’ service to their doorsteps through ‘Saving for Change’.
“Before the intervention by Caritas Czech Republic, I did not participate in any money-saving activities. The only financial options that were available were loan services offered by one private company, but accessing them was difficult because their agents were unable to reach my village due to the long distance,” Mr Miyombo says.
Thanks to the help of Caritas Czech Republic, Miyombo has been able to access all financial services and has learnt how to manage his finances well through the aid of the savings groups he belongs to. Not only has this significantly benefited Miyombo, but it has also presented new opportunities for him and his family.
“By the end of the savings circle in 2020, I had received a share-out amount of ZMW 3,342.00 which helped me buy two cows and rebuild my house,” says Miyombo.
Miyombo also mentions that he encouraged his spouse to join the savings group and they had received a joint share-out of a total amount of ZMW 8,000.00 at the household level by the end of the 2021 saving circle.The family has been able to channel some of those funds towards maize cultivation in 2021/2022.
Miyombo encourages others to join the savings groups
It is often said that the only real freedom one can have is to be financially stable. That is why Miyombo now plans to continue participating in both saving groups and strongly encourages other farmers and members of the community to join him on the road to financial freedom.
